Sarah Edwards | February 24, 2023
Summary: Speedy Cash is a payday lender that offers easily accessible, short-term financing with extremely high APRs. It's best to avoid loans with companies like Speedy Cash, but if you find yourself in financial trouble with this payday lender, use SoloSuit to represent yourself in court and increase your chances of winning.
Speedy Cash is a lending and check-cashing company that offers payday and title loans to individuals who need short-term financing.
Anyone can apply for a loan with Speedy Cash, as long as the company is authorized to do business in their state. You don’t need good credit to obtain a Speedy Cash loan, but you do need a regular job or collateral, such as a car.
Speedy Cash is notorious, even among payday lenders. For example, a $300 Speedy Cash payday loan with a 5.5-month repayment schedule has a 729.82% effective APR in Texas. To obtain a small loan of $300, you’ll repay the company $1,321.81 for its services.
Why is this number so high? While the interest rate is just 10%, Speedy Cash charges incredibly high fees.
If you’ve taken out a loan with Speedy Cash, you’re likely facing an uphill battle of large payments you can’t afford. Payday lenders like Speedy Cash take advantage of consumers who need money for unexpected expenses but don’t have another way to find the cash.
If you don’t repay Speedy Cash according to the payment schedule, it will quickly step up its collections activities. Depending on the type of loan you took out, the company may have access to your employment details or the rights to your vehicle's title.
People who apply for loans with Speedy Cash typically write a check when they take out a loan. If you don’t make a payment to Speedy Cash on the day it is due, the company will attempt to cash the check. You will likely incur bank fees if the check doesn’t go through.
The company will continue to try to withdraw the money from your account until you make your payment. Each unsuccessful attempt will result in more fees and may prevent other charges you’ve made from going through your bank account.
At the same time, Speedy Cash will begin harassing you for repayment. Collectors may call you at work, on your cell phone, and at home. They’ll send you letters in the mail. The communications won’t stop until you repay the loan or make other arrangements.
If you don’t respond to its efforts, Speedy Cash will likely sue you for the money you owe. Unlike credit card lenders, Speedy Cash won’t wait to do so. It will begin the lawsuit process quickly, typically within a few months of nonpayment.
Speedy Cash will use your signed payment agreement as evidence in its lawsuit. Unless someone else has stolen your identity, it will be difficult to win a case against the company, and it will likely obtain a judgment against you.
The judgment will allow Speedy Cash to garnish your wages or seize your property. If you took out a title loan and used your car as collateral, it can also be taken from you.
It’s tough to find relief if you find yourself in a debt spiral. The best way to deal with companies like Speedy Cash is to not do business with them in the first place.
However, if you’ve already taken out a loan with the company, you’ll need to find the money to repay it. Cut down your expenses as much as possible—squeeze your budget like a sponge to find the money to repay the loan. Take a break from nights out on the town and pause monthly subscriptions like Netflix and Spotify.
If that doesn’t work, you can take on a side job, ask family members or close friends for help, or sell items you own but don’t need.
Suppose that you’ve lost your job, or you just don’t have enough money to go around. Despite your best efforts, you might not be able to find the money to repay Speedy Cash. In that case, try negotiating. Explain your situation and see if the company will hold off on collections until you get back on your feet.
Speedy Cash might agree to give you some leeway if you show you’re working toward repaying what you owe. Sometimes, Speedy Cash may modify your loan agreement so you can repay it over a longer period.
You can also attempt to settle the debt. However, you may not be able to obtain much savings from the debt settlement since Speedy Cash knows it can take you to court to get a full repayment. However, a compromise can keep you from a potential judgment on your credit report.
It is illegal for any lender to threaten borrowers with jail time for not paying their loans. However, some payday lenders have successfully filed criminal cases against their customers for writing bad checks.
If Speedy Cash threatens you with jail, you can file a complaint with the Consumer Financial Protection Bureau. Include all supporting evidence of these threats. If the threat was verbal, note the employee's name and the Speedy Cash location in your complaint.
The Consumer Financial Protection Bureau will review your complaint and attempt to resolve it. The agency may pursue legal action against Speedy Cash on your behalf.
If you are being sued by Speedy Case, you should respond to the court Summons as quickly as possible. It’s in your best interest to fight the case. However, you may be unlikely to win since the company will have a copy of your signed loan agreement and, potentially, a check from you authorizing it to withdraw funds from your account.
Use every resource you can to raise money to repay Speedy Cash before your court date. If you do, you can close your account and avoid a potential judgment.
If that doesn’t work, you can try to settle the debt before your court date. The company may accept a settlement if it believes you don’t have the means to repay the loan in full.
Start the debt settlement process by sending an offer to Speedy Cash with SoloSettle . Learn more about the settlement process here:
When you get sued by Speedy Cash, there are several routes you can take depending on the status of the case. If you’ve received a Summons and Complaint in the mail, you should respond immediately with a written Answer so you don’t miss your state’s deadline.
If you never received the court papers and a default judgment was entered against you, try filing a Motion to Set Aside Judgment, along with an Answer, to give yourself a chance to fight back against the case.
You may be a victim of identity theft, and if so, you’ll have a strong case against Speedy Cash. If you can prove that you never authorized the loan agreement, you will most likely win your case.
Let’s consider an example.
Example: Maria receives a court Summons in the mail from Speedy Cash, claiming she owes $450 plus interest. Maria has never heard of Speedy Cash, and after some investigating, she finds out that her identity has been stolen. She uses SoloSuit to respond to the lawsuit. In her Answer document, Maria explains that she was a victim of identity theft with documentation to prove it. The court reviews both sides of the case and rules in Maria’s favor. Maria will still have to reach out to the credit reporting agencies and law enforcement to resolve the stolen identity issues, but at least she has some peace of mind knowing that Speedy Cash won’t be able to garnish her wages or take her property.
You can draft and file an Answer in all 50 states with SoloSuit.
Learn more about the possible routes a debt lawsuit can take in this flowchart:
You might find yourself in the unfortunate position of needing money immediately without savings to rely on. Applying for a payday or title loan with a company like Speedy Cash can be tempting. But you should exhaust every possible option before doing this. Speedy Cash and other predatory lenders should be your very last resort.
Contact any creditors to explain your situation and alert them of the late payment. For instance, if you owe money to a credit card company, call them to tell them you’ll be repaying them late. They might work with you on a solution—but even if they don’t, a late mark on your credit report is much better than a loan with an APR of almost 730%.
If you’re facing eviction or foreclosure, seek help from family and friends. Take on an odd job. Sell things you don’t need. The chances are that you’ll be able to come up with the money you need.
If your credit is good enough, apply for a credit card or a bank loan. Interest rates on credit cards are not low, but they top out around 35%. You can use the money to meet your immediate needs without getting sucked into a financial mess with Speedy Cash.
Sometimes, no matter what you do, you can’t get on top of your financial issues. If this is the case for you, you might consider financial counseling or bankruptcy.
A credit counselor will work with you to understand where your money is going. They’ll advise you on the basics of borrowing money and help you set up a plan to manage your finances. Credit counseling benefits anyone who wants to learn more about personal finance and needs assistance getting on the right financial track.
If your debt is truly overwhelming, you should consider bankruptcy. A bankruptcy wipes all of your unsecured debt out and gives you a clean financial slate. You won’t need to worry about coming up with the money to make minimum payments to your creditors each month, as the court will discharge your debts.
However, bankruptcy comes with drawbacks. It stays on your credit report for seven to ten years and can significantly reduce your credit score. You will face years of difficulty in qualifying for credit cards, mortgages, and other loans.
What’s more, bankruptcy will not erase all types of debt. You will still be responsible for paying back most student loan debt and certain tax obligations. If you don’t qualify for a Chapter 7 bankruptcy, which eliminates debts, you may need to agree to a repayment plan through a Chapter 13 bankruptcy.
If you take away even one thing from this article, make sure it is this: Don’t take out high-interest debt like payday loans. Payday loan companies are notorious for taking advantage of people in financial trouble. Their victims can quickly get stuck in a debt trap that is impossible to escape.
Instead of taking out a short-term high-interest loan, take a close look at your finances and determine how you can get control of them. Work with a financial advisor if you need serious help.
SoloSuit makes it easy to fight debt collectors.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)
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